Cutting edge financial technology is determining the future of retail. When retailers take advantage of data-driven insights, sales become effortless, every interaction meaningful and every customer uniquely served. If there’s one certainty, it’s that fintech providers will continue to push boundaries.
Yet amid this change, a persistent communications gap threatens to cause retailers to misunderstand and underutilise these innovations, despite their design to empower them. Implementation costs, data security, and potential disruptions to existing systems make many hesitant to embrace emerging technologies.
As someone who is passionate about fintech’s potential to drive positive change, I see this disconnect not as an obstacle, but as an opportunity. Effective communication is the linchpin of technological adoption. Without it, even the most groundbreaking innovations risk becoming nothing more than expensive shelf-warmers. Articulating the value of complex financial technologies in terms that resonate with retailers is not just beneficial—it's essential.
How to translate tech to retail
The key to bridging this gap lies in the ability to speak both languages fluently. It demands going above simplifying technical jargon. Instead, translate complex concepts into tangible benefits that retailers can envision in their day-to-day operations. Rather than focus solely on the features of a solution, emphasise how it can streamline operations, enhance customer experiences, and drive loyalty.
As an agency, Missive is immersed in the retail and fintech sectors and understands technical intricacies of fintech solutions and the practical realities of retail operations. This dual perspective allows us to craft messages that resonate on both sides of the divide.
Hitting the right notes
The first step to bridge the communications gap is to identify the key pain points for retailers. These might include high transaction costs, cumbersome loyalty programmes, or difficulties in providing seamless omnichannel experiences. Once these pain points are clear, brands can begin to highlight how fintech solutions can address these issues directly.
Framing fintech benefits in retail-centric terms is crucial. Rather than talk about API integrations, focus on how these technologies can enhance the customer experience, increase loyalty, and improve operational efficiency. For instance, explain how a Banking-as-a-Service (BaaS) solution can enable instant, personalised rewards at the point of sale, driving repeat business and increasing average transaction values.
Tailoring strategies
Different retail segments have different needs and concerns. A luxury boutique will have very different priorities from a large supermarket chain. Adapt messaging accordingly, ensuring that communication resonates with each specific audience.
Utilising various PR channels effectively is key to achieving this. From trade publications and industry events to social media and targeted content marketing, craft a multi-channel approach that ensures the message reaches retailers where they are most receptive.
Creating compelling case studies and success stories is one of the most powerful tools in any communicator’s arsenal. Businesses can provide concrete evidence of the benefits and help allay common fears about adoption by showcasing real-world examples of retailers who have successfully implemented BaaS solutions.
Building trust and credibility
To bridge the gap, fintech providers need to be seen not as vendors, but as partners in retail success. It’s important that they’re positioned as collaborators who are invested in the long-term success of their retail clients. This involves highlighting their commitment to ongoing support, their willingness to tailor solutions to specific needs, and their understanding of the retail landscape.
The revolution won’t ignite until this problem has been tackled. As the lines between shopping and banking continue to blur, those who can effectively communicate their value proposition to retailers will be well-positioned to lead the charge. After all, the future of this sector is written in lines of code and innovative financial solutions. It's time to ensure that retailers are not observers of this change, but active participants in shaping it.
Missive is an integrated communications consultancy with deep fintech and retail sector expertise, built from years of industry experience.
Our work with innovative BaaS providers has bridged the communication gap between fintech and retail, driving adoption and fostering partnerships. We've helped shape the discourse around retail technology, building brand awareness and engaging key stakeholders across the sector.
For help translating your fintech innovations into a language retailers understand and embrace, driving business growth and sector transformation, contact the Missive team today.
